Thursday 23 September 2021 8:19 am

FTSE 250 group Investec expects 125 per cent UK profit growth

Wealth manager and banking group Investec has raised its earnings guidance following a rebound in revenue, with its UK wealth division growing 9 per cent to £45bn.

The Group said its UK business’ adjusted operating profit are now expected to be at least 125 per cent higher than the first half of 2021.

The Anglo-South African company said its trading performance was the result of increased client activity across the business and lower funding costs.

Based on its latest results, which the Group said were “substantially ahead of the same period last year,” Investec raised its earnings guidance per share to over 41p which was given as the upper end of a range in May.

Chief executive Fani Titi said: “The changes made to simplify and focus the group are bearing fruit, positioning the group well for the future. As covid restrictions ease, we look forward to growth alongside our clients and increased face to face engagement, which is core to our values and culture.”

Investec is due to publish its interim results for the six months ending 30 September 2021 in November 2021.